你方唱罷我登場 亞洲沒有錯過併購狂潮

It seems the age of the mega merger is back: Pfizer Inc.'s planning to bid for AstraZeneca PLC in what could be a more than $100 billion deal, Novartis AG and GlaxoSmithKline PLC announced a series of transactions worth more than $20 billion and Comcast Corp. agreed to buy Time Warner Cable for about $45.2 billion so far this year. In Asia, deal sizes may be smaller, but deal activity has been equally robust.

強強聯手的時代似乎又到來了，今年迄今已經曝出的併購交易包括：輝瑞製藥有限公司(Pfizer Inc., PFE, 簡稱：輝瑞公司)計劃競購AstraZeneca PLC，交易規模可能超過1,000億美元；諾華製藥公司(Novartis AG, NVS)和葛蘭素史克(Glaxosmithkline plc, GSK, )宣佈了一系列交易，交易總額超過200億美元；康卡斯特(Comcast Co. Cl A, CMCSA)同意以大約452億美元的價格收購Time Warner Cable。亞洲的併購交易規模可能要小一些，但併購活動卻同樣強勁。

The value of mergers and acquisitions in Asia-Pacific, excluding Japan, has shot past $200 billion year-to-date for the first time on record, according to Dealogic. Driving the high volume are deals like conglomerate Citic Pacific Ltd.'s $15.6 billion purchase of parent company's Citic Group Corp.'s assets; Singapore state investment firm Temasek Holdings Ltd.'s purchase of a 25% stake in retailer AS Watson Holdings Ltd. for $5.7 billion; and the sale of Wing Hang Bank Ltd to Oversea-Chinese Banking Corp. Ltd. for $5 billion. Dealogic values the Citic deal based on the change in Citic Group's ownership of Citic Pacific.

根據Dealogic數據，今年迄今，亞太地區（不包括日本）的併購交易規模有記錄以來首次超過2,000億美元。推高交易規模的是諸如此類的交易：綜合企業中信泰富有限公司(Citic Pacific Ltd., , 簡稱：中信泰富)以156億美元的價格收購母公司中信集團(Citic Group Inc.)的資產；新加坡國有投資公司淡馬錫控股(Temasek Holdings Pte. Ltd.)以57億美元的價格收購了零售商屈臣氏(AS Watson Holdings)25%的股權；華僑銀行(Oversea-Chinese Banking co. Ltd., )以50億美元的價格收購香港永亨銀行(Wing Hang Bank Ltd)。Dealogic根據中信集團對中信泰富的持股變動情況計算出上述收購交易的價格。

All up, $224 billion worth of deals involving Asian companies have beenannounced so far this year, up 83% from this time last year.

今年迄今，已經宣佈的涉及亞洲公司的併購交易總額達到了2,240億美元，同比增長了83%。

'There is strong outbound M&A flow from Asia's corporate champions and also continued inbound interest from multinational companies wanting to invest further into the Asian growth story,' said Farhan Faruqui, Citibank's head of corporate and investment banking for Asia. Citi ranks third among M&A advisors by deal volume so far this year, having advised on $32.3 billion worth of deals. Goldman Sachs leads in first, advising on $35.7 billion worth of deals, while Bank of America-Merrill Lynch came in second with $34 billion.

花旗銀行(Citibank)的亞洲公司和投行業務主管巴基(Farhan Faruqui)稱，亞洲大型企業海外併購活動強勁，另外跨國公司對亞洲企業的興趣依舊濃厚，希望進一步投資，分享亞洲的經濟增長成果。今年迄今，以擔任顧問的併購交易規模計，花旗名列第三位，擔任顧問的併購交易規模爲323億美元；高盛(Goldman Sachs)奪得桂冠，擔任顧問的交易規模爲357億美元，美銀美林(Bank of America Merrill Lynch)居於第二，規模爲340億美元。

Citi advised Chinese bank ICBC on buying a controlling stake in Standard Bank's global markets business for around US$765 million in January, and advised a Chinese consortium led by MMG Ltd, a unit of state-controlled China Minmetals Corp., on its $5.8 billion acquisition of Glencore Xstrata PLC's Las Bambas Peruvian copper project early this month.

中國工商銀行1月份斥資約7.65億美元收購標準銀行(Standard Bank)全球市場業務的控股股份；國有企業中國五礦集團公司(China Minmetals Corp.)旗下子公司五礦資源有限公司(MMG Ltd., 簡稱：五礦資源)牽頭的中國財團本月早些時候以58億美元收購了嘉能可(Glencore Xstrata PLC)旗下祕魯Las Bambas銅礦項目。花旗集團在上述交易中提供顧問服務。

Deal activity has been spread across the region and a range of sectors. The top 10 list includes deals from Australia to China, India to Hong Kong. Real estate, retail, healthcare and telecommunications are just some of the industries that have seen a pickup in activity.

併購交易活動的範圍遍及亞洲地區，涉及多個行業。今年前十大交易的地區包括澳大利亞、中國、印度、香港。併購活動增加的行業包括但不侷限於房地產、零售、醫療和通信。

It hasn't all been good news for advisers, though, at least not for foreign banks. The biggest deals so far this year were Citic's deal as well as real estate firm Greenland Holding Group Co. Ltd.'s decision to list on China's domestic market through an asset swap with a Shanghai-listed firm, a $10.7 billion deal. In neither case did the target have an adviser. In both cases, the buyers used Chinese advisers.

但這對顧問行來說並不都是好消息，至少對外資銀行而言不是。今年迄今爲止最大的交易包括：中信集團的交易，綠地集團(Greenland Group)通過與一家上海上市公司的資產置換在中國國內市場上市（交易規模107億美元）。在這兩筆交易中，目標公司都沒有聘請顧問行，而買方聘用的都是國內顧問行。